Xie Jiayin: Bitget announces it will compensate affected users such as TUT, with a total compensation amount of nearly 40 million dollars

Bitget's head of Greater China, Xie Jiayin, issued a statement indicating that in response to the abnormal price marking incident involving TUT and two other trading pairs on August 9, Bitget will compensate affected users who meet the criteria, with a total compensation amount of nearly 40 million USD. The compensation will be calculated based on the user's account equity at 15:00 on that day, addressing related losses caused by forced liquidation of short positions during the period of abnormal price fluctuations.

Xie Jiayin also stated that Bitget will continue to uphold the concept of "a warm exchange," ensuring the protection of user rights for retail, VIP, and institutional clients alike. After handling the incident, the platform will continue to review and promote the continuous iteration of products and related mechanisms.